BoG expenditure on 2,203 employees surpasses GH?1.62 B in 2022 - Togbe Afede XIV

In a recent piece dated April 11, 2024, Togbe Afede XIV, the Agbogbomefia of the Asogli State, expressed concerns regarding the salaries of employees at the Bank of Ghana (BoG).

According to Togbe Afede XIV, the BoG expended an amount of GH?1.62 billion (£147.27 million at the 2022 average cedi-pound exchange rate) on its 2,203 employees. Drawing a comparison with the Bank of England (BoE), he highlighted that while BoG pays £66,851 per employee, BoE pays significantly more at £95,829 per employee.

The disparity in salaries is further accentuated by the fact that BoG employees, unlike their BoE counterparts, owe the bank an average of GH?566,046 (£51,459) per employee as of the end of 2022.

Togbe Afede XIV underscored the substantial personnel costs incurred by the BoG in 2022, amounting to GH?1.62 billion with an average remuneration of GH?735,361 per employee or GH?61,280 monthly per employee, including various allowances, the salaries at BoG are notably high.

Additionally, employees also carry staff loans totaling GH?1.247 billion, averaging GH?566,046 per employee.

Read Full Story